Weakened demand in Europe and North America caused a 15 percent drop in sales of controls in the fiscal fourth quarter, the company said. Sevcon makes drivetrain controls for hybrid and electric vehicles used in on- and off-road settings.

"Sevcon concluded a year of 10% revenue growth although with a weak fourth quarter as the macroeconomic environment in our key geographic markets affected both the off-road and on-road segments of our business," President and CEO Matt Boyle said in news release.

The Southboro-based company said revenue for the year ending Sept. 30 was $35.5 million, up from $32.3 million a year earlier. Net income rose to $1.2 million, or 35 cents per diluted share, from $712,000, or 21 cents per diluted share, a year earlier

Sevcon ended the fiscal year with $1.8 million in cash on hand, down from $2.8 million a year ago.